Insider Buying Activity at Sight Sciences, Inc. (NASDAQ:SGHT)

Sight Sciences, Inc. (NASDAQ:SGHT) announced that their Executive Vice President, Manohar K. Raheja, acquired 10,000 shares of the company's stock. This purchase took place on March 12th and was made at an average price of $2.73 per share, amounting to a total transaction value of $27,300. Following this acquisition, Raheja now owns 145,000 shares in Sight Sciences, which are valued at approximately $395,850. Consequently, this transaction represents a 7.41% increase in his holdings in the company. Details of this transaction were filed with the Securities and Exchange Commission (SEC) and are accessible through their website.

Stock performance for Sight Sciences has shown some volatility. On Thursday, the shares dropped by $0.29, reaching a value of $2.40. The trading volume for the day was 315,665 shares, surpassing the average volume of 281,056 shares. The company's debt-to-equity ratio is currently at 0.36, with a current ratio of 10.18 and a quick ratio of 9.74. Over the past year, the stock has fluctuated between a low of $2.17 and a high of $8.45. The market cap for Sight Sciences stands at $121.81 million, with a negative price-to-earnings ratio of -2.35 and a beta of 2.52. Additionally, the 50-day moving average price is $2.82, while the 200-day moving average sits at $4.30.

Recent Earnings Report

On March 5th, Sight Sciences released its quarterly earnings. The report indicated an earnings per share (EPS) of ($0.23), falling short of analyst projections which estimated an EPS of ($0.22) by $0.01. The company's revenue for the quarter was recorded at $19.07 million, slightly exceeding the consensus estimate of $18.98 million. Sight Sciences reported a negative net margin of 63.30% and a negative return on equity of 47.28%. Compared to the same quarter last year, where the EPS was ($0.22), the company's financial performance continues to struggle. Market analysts predict that the company will report -0.99 EPS for the current fiscal year.

Analyst Opinions

Recent updates from several research analysts concerning SGHT shares indicate mixed sentiments. Needham & Company LLC reiterated a 'hold' rating for Sight Sciences on March 6th. Meanwhile, Piper Sandler adjusted their price target from $5.50 to $3.50, maintaining a 'neutral' rating. Citigroup also lowered its price target from $4.60 to $3.00 and assigned a 'neutral' rating on March 4th. On the same day, Stifel Nicolaus reduced its price target from $5.00 to $4.00 while maintaining a 'buy' rating. Lastly, UBS Group decreased its price target from $5.50 to $5.00, keeping a 'buy' rating as well. Currently, five investment analysts suggest holding the stock, while two have categorically issued a 'buy' signal. The average rating for the stock is 'Hold' with a target price averaging $3.83, according to MarketBeat.com.

Institutional Investors and Changes

Institutional investment activity has seen notable changes for Sight Sciences. KCK LTD. acquired a new position valued at $15,925,000 during the fourth quarter. Additionally, Long Focus Capital Management LLC increased its stake by 158.8%, now owning approximately 2.2 million shares worth about $8.15 million after a significant acquisition of shares in the previous quarter. Prosight Management LP also boosted its holdings by 71.1%, resulting in ownership of 908,847 shares valued at $3.31 million. Similarly, Geode Capital Management LLC increased its stake by 1.1%, bringing their total to 792,860 shares worth $2.89 million. State Street Corp also raised its position by 17.4% in the previous quarter, holding 646,776 shares valued at $4.08 million. Overall, institutional investors currently hold 55.51% of Sight Sciences’ stock.

Company Overview

Sight Sciences, Inc. is an ophthalmic medical device firm focused on developing and streamlining surgical and nonsurgical technologies for treating eye ailments. The company operates in two main segments: Surgical Glaucoma and Dry Eye. Their product offerings include the OMNI Surgical System, which is a technology designed without implants to treat primary open-angle glaucoma by lowering intraocular pressure, and the SION Surgical Instrument, which is used for various ophthalmic surgeries involving trabecular meshwork excision.

Insider, Buying, Stocks